Investor flips plant for $3.5 million

Turner Development Corp. sold the 29,330-square-foot property at 1130 W. Trenton Ave. in Orange for $3.5 million. COURTESY PHOTO

Just months after buying an industrial building in Orange for $2.5 million, Turner Development Corp. has sold the 29,330-square-foot property for $3.5 million.

The investment firm sold the Pond, a manufacturing facility at 1130 W. Trenton Ave., to Miller Environmental Inc., an engineering firm in Anaheim that plans to occupy the building.

The single-story property, built in 1965, sits on about 1.7 acres and has 6,900 square feet of office space.

"It has high-end, quality office space, a large fenced yard, divisible buildings, excellent location in the city of Orange," said Chris Migliori, executive vice president of DAUM Commercial Real Estate Services, who represented both the buyer and the seller.

Turner specializes in renovating and repositioning distressed, obsolete or unwanted real estate. The Newport Beach-based company acquired the Orange property out of foreclosure in October. Migliori said the firm put about $50,000 into refurbishments, including asphalt fixes.

Migliori also noted that demand for industrial properties in Orange County is strong in part because there are not many high-quality buildings on the market.

With the local market for multifamily properties heating up, the owner of a Santa Ana apartment complex sold it for about $1.8 million this month.

The fully occupied 12-unit complex at 214 S. Lyon Street features one-, two- and three-bedroom apartments with monthly rents ranging from $959 to $1,500. The two-story, 9,688-square-foot complex was built in 1980.

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